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Ponce De Leon Federal Bank announces MHC conversion

The Bronx, N.Y.-based Ponce De Leon Federal Bank is undertaking a mutual holding company conversion, according to a Nov. 26, 2016, article in The National Herald. Ponce De Leon is the first New York MHC conversion since FSB Bancorp Inc. in 2007.

As of Sept. 30, 2016, Ponce De Leon had $736.3 million in total assets and an equity-to-assets ratio of 12.60%.

The OCC terminated a formal agreement against the thrift in May 2016.